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MORE: How Bad Is It?
Swampland — ... wonder whether the chart below does not take into account the fact that the country's population is bigger than it used to be--and, therefore, whether job losses of this size aren't as significant as the raw numbers would suggest. Justin Fox wondered the same thing, particularly with respect to the comparisons that are being drawn to the recession of 1974, and made some calculations: ...

Even More Context
The Daily Dish | By Andrew Sullivan — Pelosi's graph is not that misleading: As measured by the percentage drop in payroll employment over most of the time periods I looked at, this is the worst since 1974-1975. And barring a dramatic recovery in the next couple of months, the total job losses from this recession will likely come out even worse than those of 1974-1975. ...